Space42 revenues down 8%
February 27, 2026
By Chris Forrester
In what the company describes as “a stabilising year”, Abu Dhabi-based satellite business Space42 has reported an 8 per cent fall in revenues for 2025. There was growth in its Space Services division but losses in its Smart Solutions segment.
A report on its full year trading said that its Q4 numbers were an improvement with growth of 7 per cent (during Q4) year-on-year, with accelerating momentum in the second half of last year. In particular its Space Services saw revenues grow 6 per cent year-on-year and it recorded its highest-ever normalized EBITDA.
Space42 owns the Thuraya and Al-Yah geostationary fleet of satellites, and has a long-term partnership plan with Viasat of California in their Equatys direct-to-device scheme.
“Space Services, accounting for more than three quarters of consolidated revenue, recorded one of its strongest ever performances, increasing revenue by 6 per cent and posting its highest-ever normalised EBITDA and net profit. This was driven by the new $700 million, 15-year government contract, which started on July 1st following the successful launch of the Thuraya-4 satellite, as well as an exceptionally strong performance across the portfolio of managed solutions. Space Services recorded consecutive quarterly revenue growth throughout 2025, a trajectory that is set to continue in 2026, as new government and commercial applications are launched to complement Thuraya-4,” said the company.
“Smart Solutions, accounting for less than one quarter of consolidated revenue, recorded revenue of $124 million, a decline of 39 per cent, reflecting its ongoing strategic and operational transformation, as it refocuses on programmatic engagements aligned to its strategic capabilities of Earth Observation, geospatial analytics and AI,” the company report added.
The company’s full year consolidated revenues of $577 million declined 8 per cent year-on-year, reflecting the transition underway in Smart Solutions alongside continued investment in the company’s strategy-based transformation. Full year results include one-off impairment charges of $129 million relating to pre-merger Smart Solutions. Excluding one-off items, Space42 delivered a normalized EBITDA of $224 million, generating a margin of 39 per cent.
Space42 closed the year with approximately $1 billion in cash and short-term deposits and $6.5 billion in contracted future revenues.
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